Vancouver fintech platform launches out of beta testing

Vancouver fintech platform launches out of beta testing

A Vancouver-based mobile financial services firm has moved its digital platform out of private beta testing last week.

In a March 17 Finextra news release, Koho announced that its mobile-based service will be catering to the specific needs of Canadian consumers aged 18 to 34, in direct challenge to traditional providers such as the country’s Big Five.

Koho, which presents itself as less a financial institution and more as a technology firm, will be responsible for the front end of its services, while Peoples Trust Company will be holding clients’ money.

“Customers get a prepaid Visa card, P2P payments, live chat support and Touch ID-based security, but the firm's main pitch is centred on its money management capabilities, including instant notifications about account activity, insights into spending habits, and saving goals,” the news release stated.

While the platform is currently limited to iOS, company officials confirmed that an Android version is slated for release in the near future.